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Where Taxpayers and Advisers Meet
Income Tax Underpayment
Hi All, Not good with tax and wondering if someone on this forum can clarify. Informed by HMRC that i owe £393 income tax from a previous year and have reduced my personal allowance by £1969 so they can collect it through 25/26. Is it better financially for me to pay this in one lump sum or let them take it throughout the year? thanks.
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darthblingbling
- Posts:786
- Joined:Wed Aug 02, 2017 9:09 pm
Re: Income Tax Underpayment
Unless you have £393 burning a hole in your pocket, makes sense to just pay it evenly throughout the year, no interest either.
Re: Income Tax Underpayment
I would prefer to pay throughout the year. But it depends on your financial condition, if you can afford paying at once it would be a good option.